Looking after my grandma

Planning for retirement is crucial. Whether it's for yourself or a loved one, one crucial aspect to think about when planning for retirement is housing. Where do you intend to spend your life after retirement? For many people, retirement living is often the solution. It involves downsizing to a structured community providing a safe environment and a neighbourhood that offers much-needed companionship. Generally, retirement living comes at reduced costs of living too. However, there are various forms of retirement living. Therefore, you must evaluate them carefully to determine the one that would be most suitable for yourself or your loved one. With that in mind, here are some of the standard retirement living options you should know.

Retirement Villages/Communities

Retirement villages are among the most popular forms of retirement living. They are communities with homes designed to offer secure housing for the aging. However, the villages are typically leased, meaning you don't own them. At the time of entry into the facility or community, you are required to pay a lump sum amount that serves as rent in advance. Part of this amount will be given back to you once you leave the community.

Retirement villages come with many benefits. First, since you don't own the property, the owner is responsible for all the associated capital costs, including maintaining the home and public infrastructure. In addition, retirement villages foster the creation of social groups and support networks that are ideal as you age. Worth noting is that some retirement communities or villages are age-restricted. What's more, many of these communities do not offer health care services to the residents.

Independent Living

If you'd rather stay in your current community, close to your family and friends, then independent living would be an ideal option. Maintenance in your current home may become more tiring, time-consuming, and expensive. However, if you are still independent, you can consider downsizing to an apartment within your current neighbourhood to be close to your loved ones. These apartments are generally serviced, meaning you get help with simple tasks like cleaning and food preparation. Therefore, if you desire the social aspect of a community with your loved ones but find that retirement village homes are too big, independent living is an excellent alternative.

Co-Located Villages

Healthcare services become increasingly essential as you continue aging. Therefore, if you are looking for a long-term solution for retirement living, co-located villages are the perfect option. They are retirement villages with aged care homes or nursing homes close by, usually within the same block of land.